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“What this also tells you in big, bold colors is that advisory businesses do not scale. If you bring more volume to the pipe, theoretically, your average cost per client should go down. But what we’re seeing here is it going up.”
FINRA is contemplating a rule that would require brokers to disclose any incentives they receive to jump to another firm. It’s likely to pass and that will change how recruitment deals are structured in the future.
